Feel lost in the maze that is Medicare? KAZ Company is here to help.
Medicare Basics
Eligibility
- People age 65 and Older
- People under 65 who:
- Are on Social Security Disability (At least 24 months)
- Have ALS (Amyotrophic Lateral Sclerosis) and are entitled to Social Security
- Have Kidney Failure and are entitled to Social Security
Election Periods
This is when you are allowed to enroll or switch your Medicare Plans
YOUR INITIAL ENROLLMENT PERIOD (IEP):
Extends Three (3) months before and three months after yourt initial eligibility month giving you a 7 month window.
ANNUAL ELECTION PERIOD (AEP):
OCTOBER 15 - DECEMBER 7
When Medicare Enrollees can change their current Advantage Plan or Prescription Drug Plan.
SPECIAL ELECTION PERIOD (SEP):
Some individuals may also qualify for a special election period depending on their circumstances.
The ABC&D's of Medicare
The different plans of Medicare.
A
- Hospital, Skilled Nursing, Hospice
- Deductibles and Co-Pays
- Receive at 65, if paid into for 40 Quarters
B
- Medical: Doctor Visits, Labs, Tests...Etc.
- Deductibles and coinsurance (80/20% plan)
- Pay monthly from Social Security
C
- Medicare Advantage Plans
- Co-pays
- Maximum out-of-pocket
D
- Prescription Drug Plans
- Formulary
- Tiers
- Penalty for not joining when eligible
Medicare Supplements
ADDITIONAL COVERAGE BEYOND ORIGINAL MEDICARE
- Reduce deductibles, co-pays and coinsurance
- Standardized plans A-N
- Offered through Insurance Companies
- Freedom to choose any doctor or hospital in the United States
- DOES NOT INCLUDE Prescription Drug Plan
Medicare Advantage Plans
- Helps cover hospital costs, doctor's visits and other medical services
- May include built-in Medicare prescription drug coverage
- Plan Premiums not based on age or health
- Combine ALL BENEFITS and services in one plan
- Combine in two different options:
- Health Maintenance Organizaions (HMO's)
- Preferred Provider Organizations (PPO's)
Medicare Advantage Eligibiliy -
- Enrolled in Medicare Part A & Part B
- Live in the service area
- DO NOT have End Stage Renal Disease (ESRD)
Medicare Part D
PRESCRIPTION DRUG PLAN
- Stand alone plan or with Advantage Plan
- Formulary
- Network Pharmacies
- Offered through private insurance companies
- Premium / Co-Pay / Deductible
For more information or to talk to one of our Licensed Insurance Agents please call our office at:
216-901-9300
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